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Microfinance Bill Signed into Law

Microfinance NGOs Act has been signed by his Excellency, President Benigno Aquino Jr. providing support to all duly registered and accredited Microfinance NGOs operating in the country.

The said Act also known as Republic Act No. 10693 aims to strengthen non-government organizations who are engaged in Microfinance operations serving the poor.

The newly passed law declares that “the State recognizes the indispensable role of non-government organizations (NGOs) in fostering local enterprise development and social entrepreneurship, including the provision of microfinance services to microenterprises”. With this, the State will give support to the nonstock, nonprofit institutions involved in microfinance like CEVI by providing them access to government programs and projects, technical assistance and even preferential tax treatment.

CEVI strongly believes that the new law will help empower the microfinance sector with its goal in promoting socio-economic growth and in uplifting the lives of the economically poor communities. For the past 15 years, CEVI has provided financial support and consultancy through loans and financial literacy and livelihood development trainings to its clients in several provinces in Luzon, Visayas and Mindanao.